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Quarterhill shares surge 29% after subsidiary awarded $145.1M in Apple IP case
OTTAWA – Quarterhill Inc. stock surged by close to a third a day after its subsidiary WiLAN Inc. was awarded $145.1-million in damages in a patent infringement case against Apple Inc.
The Ottawa-based technology company’s shares closed up 39 cents, or 28.06 per cent, at $1.78 on the Toronto Stock Exchange Thursday.
The stock movement comes after a California jury found that versions of Apple’s iPhone infringed on two WiLAN patents relating to wireless communications technology, the tech intellectual property company said in a statement.
This is not the first legal spat between WiLAN and Apple. In 2013, a U.S. jury ruled in Apple’s favour in a case in which WiLAN had sought $248-million in damages.
Initially a producer of broadband wireless technologies, WiLAN now licenses an extensive patent portfolio.
WiLAN changed its name to Quarterhill last year as part of a change in strategy to transition to a diversified investment holding company.
Companies in this story: (TSX:QTRH)
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